Multiple influences on corporate governance practice in Nigeria: Agents, strategies and implications

The literature on the convergence of corporate governance systems across different institutional contexts has often taken the role of ‘agents of convergence’ for granted. Against this background, we examine the influences of three major agents – international organisations, rating agencies, and local institutions – on the development of corporate governance practices in Nigeria. Findings indicate that the understanding and practice of corporate governance in Nigeria are in a flux and being pulled in multiple directions by the agents studied. This paper provides one of the very few studies utilising sub-Saharan African (Nigerian) data in international business governance research.

► This paper presents a critical examination of the external influences on corporate governance in sub-Saharan Africa. ► Discussions provide insights into the roles and activities of ‘agents of convergence’ in shaping the direction of convergence. ► Discussions outline the strategies employed by these agents to diffuse their models of corporate governance, and the implications on Nigeria. ► There is no known published work to the authors which has addressed the above.